Ethereum Price Surge Possible If It Stays Above $2.4K, Says Analyst
ethereum‘s Potential Upsurge: Analysts Weigh In on Market Dynamics
ethereum‘s Stability Above Key Price Level
ethereum (ETH) may experience significant growth in the near future if it can maintain its position above the critical $2,400 threshold, as suggested by crypto analyst Michaël van de Poppe. In a recent post on X, the founder of MN Trading Capital expressed optimism about ETH’s current trajectory.
Van de Poppe noted, “As long as we stay above this important range low, we are likely to challenge the upper end of the range in the weeks ahead.” At the time of writing, Ether is priced at $2,452, reflecting a 7.45% decline over the past month, according to CoinMarketCap.
Market Trends and Recent Price Movements
Two weeks ago, ETH reached a peak of $2,871 on June 11 but subsequently entered a downward trend following geopolitical tensions, specifically airstrikes in Iran, which adversely affected both financial and cryptocurrency markets.
Currently, Ether has seen a 27.60% decrease over the last year, as illustrated by CoinMarketCap data. Historically, the third quarter has been challenging for ETH, with an average return of just 0.88% since 2014, based on insights from CoinGlass.
Bullish Sentiment Among Analysts
Other market experts share van de Poppe’s positive outlook. Crypto commentator Crypto Fella highlighted the declining ETH/BTC ratio, which measures Ether’s performance against Bitcoin (BTC), as an indicator of potential upward movement for ethereum. “The long-anticipated reversal is nearing,” Fella remarked, noting that the ETH/BTC ratio currently stands at 0.02275, down 6.84% over the past month according to TradingView.
Increased Interest from Large Investors
The interest from significant Ether investors has been noteworthy. Trader Quinten Francois pointed out that data from Glassnode revealed that whales acquired 1 million ETH on June 16, marking the largest single-day purchase since 2018. Retail interest is also on the rise, with spot Ether ETFs seeing inflows of $60.4 million on Wednesday alone, contributing to a three-day total of $232.4 million, as reported by Farside.
On June 14, spot Ether ETFs achieved a remarkable 19-day streak of consecutive inflows.
Cautious Optimism for Altcoin Season
In a previous statement, Santiment analyst Brian Quinlivan noted a growing sense of optimism surrounding ethereum, emphasizing that the cryptocurrency has been gaining traction since the market recovery began in mid-April.
However, Crypto Fella cautioned that the upcoming altcoin season—typically expected to follow a robust rally in Ether—might not be as expansive as in previous cycles. “Be selective with your altcoin investments, as not all will experience growth in the forthcoming altseason,” Fella advised.
This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
